Financial planning: How much money do you have?

More than 75 percent of small-business owners self-finance their company startup, according to the Small Business Administration. So before you launch a new enterprise, examine your resources -- not only those you will put into the business, but also those that will keep your household afloat.

In other words, how much capital can you count on? First you will have to prepare a personal financial statement that describes your assets and liabilities. This financial statement will eventually become part of your loan proposal package, so make sure the entries are accurate.

A financial statement will become a valuable tool for your business planning.